Beach Community Bank LLC

Information may not be reliable

With rates at the lowest they have been in 55 years, the question is not should you buy or refinance, but how can you take advantage of this phenomenal opportunity! As a leading lender in the area, we answer a lot of questions about obtaining a mortgage, so here a few common ones we address every day.

QUESTION: How much home can I afford?
ANSWER: Affordability is a combination of home price, interest rate, and down payment. And with rates at historic lows, homebuyers have the opportunity to get more for their money…but if rates go up even a little bit they could miss out. Here’s a simple formula that drives that point home. In simple terms, every 1% increase in home loan rates decreases the buying power of an individual by 10% in home price. This means that if you qualify for a home priced at $200,000 today and home loan rates increase 1%, the amount you could qualify for would be reduced to approximately $180,000 to maintain the same payment.

QUESTION: I am constantly hearing how property values have dropped. What happens if the appraisal comes in below what we need?
ANSWER: The value as determined by an appraiser is an opinion and may be reevaluated. When an appraisal comes in lower than expectations, the lender will review the data, do additional research and could approach the appraiser with additional information that could result in an increase in value. The appraisal is a report to help a lender determine a loan decision based on adequate collateral. Regulatory guidelines have limited the scope of an appraisal to some pretty finite requirements. A good Realtor can usually target a listing price that is consistent with current market sales and help avoid an unexpected surprise. If you are refinancing, a lender can help you determine value thru a variety of sources.

QUESTION: How hard is it to get a loan?
ANSWER: Easier than most people think! The media blitz has created the mindset that it’s too difficult to obtain a loan. That’s not the case – we are making loans every day to people just like you. Every transaction is different and circumstances may dictate some additional work, but determination can get you there. I assure you we are determined to find the right loan for you.

QUESTION: Do I have to make a big downpayment?
ANSWER: No. With the variety of loans available today, there are options that could allow for no downpayment at all. You need to call us to help find the loan that might just open the door to homeownership to you!

Call one of our Mortgage Loan Originators today to buy or refinance your home – you might be surprised at what we can do for you!

What's Up With Rates? 04.06.2010
Miltary Perk in the Homebuyer Tax Credit 03.05.2010
The End of the Decade of "Uh-Ohs" 01.11.2010
Homebuyer Tax Credit Extended and Expanded!11.10.2009
I Feel a Healing Coming On 10.28.2009

Chart Your Course 7.16.2009
Prepare for Home Ownership: Steps You Can Take to Get There! 6.10.2009 The Good, the Bad and the Good 5.6.2009
Spring into Homeownership! 3.9.2009

What Used to Be Neapolitan is Now Plain Vanilla10.15.2008
Understanding the Market 9.23.2008
Do Something About Your Taxes! 9.04.2008
Things to Do When Applying for a Mortgage 8.25.2008 Tax Relief for First Time Homebuyers 8.11.2008
Put More Money in Your Pocket 7.30.2008